VNET Secures Strategic Investment from CATL Affiliates for 38.1% Stake
VNET Group, Inc. announced that PJ Millennium I Limited and PJ Millennium II Limited, wholly-owned subsidiaries of PJ Millennium Limited Partnership and affiliates of Contemporary Amperex Technology Co., Limited (CATL), will acquire up to 650,424,192 Class A ordinary shares from existing sellers. The proposed investment is priced at US$1.4486 per ordinary share, or US$8.6914 per ADS. Upon closing, the buyers will collectively hold approximately 38.1% of VNET's total issued and outstanding shares. The transaction, which is subject to conditions including shareholder approval from Shandong Hi-Speed Holdings Group Limited (SDHG), is expected to close in the fourth quarter of 2026. Concurrently, investor rights and voting agreements were signed, with the buyers undertaking to support the stability of the Company's control.
Key Highlights
- PJ Millennium I Limited and PJ Millennium II Limited, affiliates of CATL, will acquire up to 650,424,192 Class A ordinary shares.
- The purchase price is US$1.4486 per ordinary share, equivalent to US$8.6914 per ADS.
- The buyers will hold approximately 38.1% of VNET's total issued and outstanding shares post-closing.
- The sellers are Success Flow International Investment Limited and Choice Faith Group Holdings Limited, beneficially owned by SDHG.
- The closing of the proposed investment is expected in the fourth quarter of 2026, subject to conditions including SDHG shareholder approval.
- Buyers entered into an investor rights agreement and a voting and consortium agreement with VNET and its Founder Parties.